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Can I make an adjustment to capital gains in the online version to show up as an adjustment in columns f and g on Form 8949?

This is to allocate 50% of capital gains to my ex-wife during the divorce year.
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4 Replies
ThomasM125
Employee Tax Expert

Can I make an adjustment to capital gains in the online version to show up as an adjustment in columns f and g on Form 8949?

Yes, you can adjust the cost basis on the screen where you enter your investment sale proceeds and cost basis. You will see an option that says The cost basis is incorrect or missing on my 1099-B. Choose that option and you can enter your adjusted cost basis and an entry will populate on Form 8949 columns F and G.

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Can I make an adjustment to capital gains in the online version to show up as an adjustment in columns f and g on Form 8949?

I am using Turbotax Online and after uploading my 1099-B, I do not see the option to correct it.  Can you give me a step-by-step process?   The IRS states that I need to fill out form 8949.  This is my first time using the online version and all the forms are hidden (by design). 
Thank you 

Can I make an adjustment to capital gains in the online version to show up as an adjustment in columns f and g on Form 8949?

To produce Form 8949 with TurboTax, enter a 1099-B.

If you don't like the result you can EDIT/UPDATE, or

DELETE it and re-enter.

Note if basis is reported to IRS without adjustments, you will not need Form 8949.

@robsuts 

 

Can I make an adjustment to capital gains in the online version to show up as an adjustment in columns f and g on Form 8949?

If you got half and your ex-wife got half, you should have a 1099-S that shows that.

Otherwise, divide all actual amounts from closing by two and indicate 50% in the Description of the transaction.

 

I don't see any applicable adjustment code in the IRS instructions for your situation

@ecopenhaver54 

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